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Novi-based auto supplier Cooper-Standard emerged from bankruptcy protection today under the ownership of a group of its bondholders.

Novi-based auto supplier Cooper-Standard Automotive filed a bankruptcy plan this week that would allow the company to emerge from Chapter 11 protection under the ownership of its bondholders. In the plan filed Monday, Cooper-Standard would pay in full its bankruptcy loan, a pre-bankruptcy credit line and claims from unsecured creditors.

Novi-based auto supplier Cooper-Standard Automotive filed a bankruptcy plan this week that would allow the company to emerge from Chapter 11 protection under the ownership of its bondholders.

Novi-based auto supplier Cooper Standard Holdings Inc. filed for bankruptcy protection today as part of a plan to cut its debt through a court restructuring.

Novi-based auto supplier Cooper-Standard Holdings Inc. filed for bankruptcy protection Monday, becoming the latest auto supplier to file for Chapter 11 amid falling sales and unbearable amounts of debt. But Cooper-Standard, which employs 840 people in Michigan, said it has made progress in talks with its lenders about a restructuring plan to cut the company's debt.